Rihanna Called Snapchat Out For A Domestic Abuse Ad. Now Their Stock Is Dropping.
Snapchat stocks dropped by nearly 5% on Thursday after Rihanna responded to their ad that made light of domestic violence, by referencing to her 2009 incident with Chris Brown who physically assaulted her. This didn’t stop Rihanna from critiquing the company’s judgment; on Thursday morning, she went on her Instagram story, where she offered her thoughts on the snapchat post in red writing.
“Now SNAPCHAT I know you already know you ain’t my fav app out there! But I’m just trying to figure out what the point was with this mess! I’d love to call it ignorance, but I know you ain’t that dumb!” she wrote. “You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it!!! This isn’t about my personal feelings, cause I don’t have much of them…but all the women, children and men that have been victims of DV in the past and especially the ones who haven’t made it out yet….you let us down! Shame on you. Throw the whole app-oligy away.” - Rihanna wrote
The net worth of the company's CEO fell nearly $150 million over two days, the media reported. But this is not the first time that Snap — whose market value has dropped 25%, to $20.82 billion after celebrity criticism. Last month, Kylie Jenner tweeted that she no longer used the app following a redesign, causing Snap's share price to fall more than 6% and the company to lose $1.3 billion in market value the power of a WOMAN.
Snap chat did put out a statement about the ad, Snap said.
“We are so sorry we made the terrible mistake of allowing it through our review process. We are investigating how that happened so that we can make sure it never happens again.”